1 unchanged sentence
CONDENSED CONSOLIDATED BALANCE SHEETS
−Removed: June 29, 2025 December 31, 2024
+Added: September 28, 2025 December 31, 2024
(In thousands)
32 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands, except per share data)
8 unchanged sentences
Non-operating pension benefit (cost) ( 398 ) 286 ( 1,203 ) 747
+Added: Loss related to revolver refinancing ( 76 ) — ( 76 ) —
Income before taxes 64,252 64,780 193,005 170,574
12 unchanged sentences
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
−Removed: Six Months Ended
−Removed: June 29, 2025 June 30, 2024
+Added: Nine Months Ended
+Added: September 28, 2025 September 29, 2024
(In thousands)
23 unchanged sentences
Cash dividends paid ( 6,000 ) ( 6,154 )
+Added: Debt issuance costs paid ( 3,178 ) —
Payments under financing lease obligations ( 1,341 ) ( 694 )
34 unchanged sentences
Balance at June 29, 2025 50,335 $ 503 $ 847,732 $ 1,284,960 ( 10,805 ) $ ( 818,142 ) $ ( 80,578 ) $ 1,234,475
+Added: Net income — — — 56,690 — — — 56,690
+Added: Other comprehensive loss, net of tax — — — — — — ( 8,626 ) ( 8,626 )
+Added: Common stock issuance — — 4,905 — 81 2,904 — 7,809
+Added: Retirement Savings Plan stock contributions — — 1,716 — 20 711 — 2,427
+Added: Exercise of stock options, net of tax withholding forfeitures — — ( 449 ) — 8 ( 181 ) — ( 630 )
+Added: Conversion of restricted stock units into common stock, net of tax withholding forfeitures — — ( 3,235 ) — 44 ( 2,492 ) — ( 5,727 )
+Added: Share repurchase including excise tax — — — — ( 387 ) ( 50,317 ) — ( 50,317 )
+Added: Share-based compensation — — 8,010 — — — — 8,010
+Added: Common stock dividends ($ 0.05 per share)
+Added: — — — ( 1,984 ) — — — ( 1,984 )
+Added: Balance at September 28, 2025 50,335 $ 503 $ 858,679 $ 1,339,666 ( 11,039 ) $ ( 867,517 ) $ ( 89,204 ) $ 1,242,127
Additional Accumulated
25 unchanged sentences
Balance at June 30, 2024 50,335 $ 503 $ 823,205 $ 1,068,052 ( 9,621 ) $ ( 646,695 ) $ ( 25,219 ) $ 31 $ 1,219,877
+Added: Net income (loss) — — — 53,692 — — — ( 3 ) 53,689
+Added: Other comprehensive loss, net of tax — — — — — — ( 29,934 ) — ( 29,934 )
+Added: Common stock issuance — — 2,613 — 88 3,152 — — 5,765
+Added: Retirement Savings Plan stock contributions — — 940 — 15 527 — — 1,467
+Added: Exercise of stock options, net of tax withholding forfeitures — — ( 735 ) — 13 ( 77 ) — — ( 812 )
+Added: Conversion of restricted stock units into common stock, net of tax withholding forfeitures — — ( 10 ) — — 2 — — ( 8 )
+Added: Share repurchase including excise tax — — — — ( 181 ) ( 20,181 ) — — ( 20,181 )
+Added: Share-based compensation — — 7,436 — — — — — 7,436
+Added: Common stock dividends ($ 0.05 per share)
+Added: — — — ( 2,060 ) — — — — ( 2,060 )
+Added: Balance at September 29, 2024 50,335 $ 503 $ 833,449 $ 1,119,684 ( 9,686 ) $ ( 663,272 ) $ ( 55,153 ) $ 28 $ 1,235,239
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
15 unchanged sentences
and directly to original equipment manufacturers (OEMs).
−Removed: We have manufacturing and other operating facilities in the U.S., Canada, China, India, Mexico, Tunisia,
−Removed: and various countries in Europe.
+Added: We have manufacturing and other operating facilities in the U.S., Canada, China, India, Mexico, Tunisia, and various countries in Europe.
Reporting Periods
2 unchanged sentences
Our fiscal second and third quarters each have 91 days.
−Removed: The six months ended June 29, 2025 and June 30, 2024 included 180 and 182 days, respectively.
+Added: The nine months ended September 28, 2025 and September 29, 2024 included 271 and 273 days, respectively.
Fair Value Measurement
4 unchanged sentences
• Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
−Removed: As of and during the three and six months ended June 29, 2025 and June 30, 2024, we utilized Level 1 inputs to determine the fair value of cash equivalents.
−Removed: We did not have any transfers between Level 1 and Level 2 fair value measurements during the three or six months ended June 29, 2025 and June 30, 2024.
+Added: As of and during the three and nine months ended September 28, 2025 and September 29, 2024, we utilized Level 1 inputs to determine the fair value of cash equivalents.
+Added: We did not have any transfers between Level 1 and Level 2 fair value measurements during the three or nine months ended September 28, 2025 and September 29, 2024.
Cash and Cash Equivalents
1 unchanged sentence
We periodically have cash equivalents consisting of short-term money market funds and other investments.
−Removed: As of June 29, 2025, we did not have any such cash equivalents on hand.
+Added: As of September 28, 2025, we did not have any such cash equivalents on hand.
The primary objective of our investment activities is to preserve our capital for the purpose of funding operations.
6 unchanged sentences
Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow.
−Removed: As of June 29, 2025, we were party to surety bonds, standby letters of credit, and bank guaranties totaling $ 11.7 million, $ 9.5 million, and $ 6.3 million, respectively.
+Added: As of September 28, 2025, we were party to surety bonds, standby letters of credit, and bank guaranties totaling $ 13.0 million, $ 9.8 million, and $ 6.0 million, respectively.
Revenue Recognition
24 unchanged sentences
Solutions Automation Solutions Smart Buildings Solutions Total
−Removed: Three Months Ended June 29, 2025 (In thousands)
+Added: Three Months Ended September 28, 2025 (In thousands)
Smart Infrastructure Solutions $ 166,695 $ — $ 150,218 $ 316,913
1 unchanged sentence
Total $ 166,695 $ 381,308 $ 150,218 $ 698,221
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 29, 2024
Smart Infrastructure Solutions $ 174,467 $ — $ 145,180 $ 319,647
1 unchanged sentence
Total $ 174,467 $ 335,279 $ 145,180 $ 654,926
−Removed: Six Months Ended June 29, 2025
+Added: Nine Months Ended September 28, 2025
Smart Infrastructure Solutions $ 468,727 $ — $ 428,255 $ 896,982
1 unchanged sentence
Total $ 468,727 $ 1,098,092 $ 428,255 $ 1,995,074
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 29, 2024
Smart Infrastructure Solutions $ 422,588 $ — $ 401,621 $ 824,209
3 unchanged sentences
Americas EMEA APAC Total Revenues
−Removed: Three Months Ended June 29, 2025 (In thousands)
+Added: Three Months Ended September 28, 2025 (In thousands)
Smart Infrastructure Solutions $ 251,324 $ 46,045 $ 19,544 $ 316,913
1 unchanged sentence
Total $ 468,388 $ 142,707 $ 87,126 $ 698,221
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 29, 2024
Smart Infrastructure Solutions $ 243,759 $ 45,480 $ 30,408 $ 319,647
1 unchanged sentence
Total $ 440,085 $ 133,213 $ 81,628 $ 654,926
−Removed: Six Months Ended June 29, 2025
+Added: Nine Months Ended September 28, 2025
Smart Infrastructure Solutions $ 709,552 $ 128,348 $ 59,082 $ 896,982
1 unchanged sentence
Total $ 1,345,230 $ 403,716 $ 246,128 $ 1,995,074
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 29, 2024
Smart Infrastructure Solutions $ 610,992 $ 133,547 $ 79,670 $ 824,209
15 unchanged sentences
We adjust other current assets and cost of sales for the estimated level of returns.
−Removed: Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended June 29, 2025 and June 30, 2024 .
+Added: Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and nine months ended September 28, 2025 and September 29, 2024 .
The following table presents estimated and accrued variable consideration:
−Removed: June 29, 2025 December 31, 2024
+Added: September 28, 2025 December 31, 2024
(in thousands)
6 unchanged sentences
Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided.
−Removed: As of June 29, 2025, total deferred revenue was $ 45.6 million, and of this amount, $ 33.6 million is expected to be recognized within the next twelve months, and the remaining $ 12.0 million is long- term and is expected to be recognized over a period greater than twelve months.
−Removed: The following table presents deferred revenue activity during the three and six months ended June 29, 2025 and June 30, 2024, respectively:
+Added: As of September 28, 2025, total deferred revenue was $ 46.0 million, and of this amount, $ 35.4 million is expected to be recognized within the next twelve months, and the remaining $ 10.6 million is long- term and is expected to be recognized over a period greater than twelve months.
+Added: The following table presents deferred revenue activity during the three and nine months ended September 28, 2025 and September 29, 2024, respectively:
(In thousands)
6 unchanged sentences
Balance at the end of Q2 $ 45,606 $ 29,613
−Removed: Service-type warra nties represent $ 16.4 million of the deferred revenue balance at June 29, 2025, and of this amount $ 6.9 million is expected to be recognized in the next twelve months, and the remaining $ 9.5 million is long-term and will be recognized over a period greater than twelve months.
−Removed: As of June 29, 2025 and December 31, 2024, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets.
+Added: New deferrals 17,812 14,714
+Added: Acquisitions — 46
+Added: Revenue recognized ( 17,388 ) ( 15,240 )
+Added: Balance at the end of Q3 $ 46,030 $ 29,133
+Added: Service-type warra nties represent $ 15.7 million of the deferred revenue balance at September 28, 2025, and of this amount $ 7.7 million is expected to be recognized in the next twelve months, and the remaining $ 8.0 million is long-term and will be recognized over a period greater than twelve months.
+Added: As of September 28, 2025 and December 31, 2024, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets.
We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less.
We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period.
−Removed: Capitalized sales commissions as of June 29, 2025 and December 31, 2024 were not material.
+Added: Capitalized sales commissions as of September 28, 2025 and December 31, 2024 were not material.
The following table presents sales commissions that are recorded within selling, general and administrative expenses:
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
1 unchanged sentence
On June 30, 2024, we acquired Precision Optical Technologies (Precision) and accounted for it as a business combination.
−Removed: During the six months ended June 29, 2025, we received $ 7.9 million related to an adjustment of the consideration paid .
+Added: During the nine months ended September 28, 2025, we received $ 7.9 million related to an adjustment of the consideration paid .
Including this adjustment, the total consideration paid for Precision, net of cash acquired, was $ 281.7 million and was funded with cash on hand.
47 unchanged sentences
The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.
+Added: The useful life for the non-compete agreements was based on the terms of such arrangements.
The following table illustrates the unaudited pro forma effect on operating results as if the Precision acquisition had been completed as of January 1, 2023.
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2024 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 29, 2024 September 29, 2024
(In thousands, except per share data)
22 unchanged sentences
Operating Segment Information
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
12 unchanged sentences
Severance, restructuring, and acquisition integration costs 4,190 4,619 6,894 8,518
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Adjustments related to acquisitions and divestitures — 263 — 263
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
13 unchanged sentences
Adjustments related to acquisitions and divestitures 11 298 595 894
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
14 unchanged sentences
The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively.
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
9 unchanged sentences
Interest expense, net ( 11,562 ) ( 10,855 ) ( 33,866 ) ( 27,454 )
+Added: Loss related to revolver refinancing ( 76 ) — ( 76 ) —
Total non-operating pension benefit (cost) ( 398 ) 286 ( 1,203 ) 747
4 unchanged sentences
The following table presents the basis for the income per share computations:
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
5 unchanged sentences
Weighted average shares outstanding, diluted 40,137 41,417 40,324 41,371
−Removed: For each of the three and six months ended June 29, 2025 and June 30, 2024, diluted weighted average shares outstanding did not include outstanding equity awards of 0.1 million because they were anti-dilutive.
−Removed: In addition, for the three months ended June 29, 2025 and June 30, 2024 , diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied.
−Removed: For the six months ended June 29, 2025 and June 30, 2024 , diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million because the related performance conditions have not been satisfied.
+Added: For each of the three and nine months ended September 28, 2025 and September 29, 2024, diluted weighted average shares outstanding did not include outstanding equity awards of 0.1 million because they were anti-dilutive.
+Added: In addition, for the three months ended September 28, 2025 and September 29, 2024 , diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied.
+Added: For the nine months ended September 28, 2025 and September 29, 2024 , diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million because the related performance conditions have not been satisfied.
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent.
5 unchanged sentences
We are exposed to credit losses primarily through sales of products and services.
−Removed: Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables.
+Added: Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current economic and market conditions and a review of the current status of customers' trade accounts receivables.
Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers.
3 unchanged sentences
Provisions and recoveries are included in selling, general and administrative expenses.
−Removed: The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 29, 2025 and June 30, 2024, respectively:
+Added: The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and nine months ended September 28, 2025 and September 29, 2024, respectively:
(In thousands)
1 unchanged sentence
Current period provision 72 459
+Added: Fx impact 143 ( 51 )
Recoveries collected ( 146 ) ( 6 )
Write-offs ( 674 ) ( 96 )
−Removed: Fx impact 143 ( 51 )
Q1 ending balance $ 24,652 $ 23,420
Current period provision 373 688
+Added: Fx impact 219 ( 44 )
Recoveries collected ( 19 ) —
+Added: Write-offs ( 106 ) ( 5 )
+Added: Q2 ending balance $ 25,119 $ 24,059
+Added: Current period provision 283 79
Fx impact 12 140
+Added: Recoveries collected ( 32 ) ( 1 )
Write-offs ( 708 ) ( 48 )
Q3 ending balance $ 24,674 $ 24,229
−Removed: The following table presents the major classes of inventories as of June 29, 2025 and December 31, 2024 , respectively:
−Removed: June 29, 2025 December 31, 2024
+Added: The following table presents the major classes of inventories as of September 28, 2025 and December 31, 2024 , respectively:
+Added: September 28, 2025 December 31, 2024
(In thousands)
17 unchanged sentences
Our lease agreements do not contain material residual value guarantees.
−Removed: Our variable lease expense was approximately $ 0.8 million and $ 1.6 million for the three and six months ended June 29, 2025, respectively, and $ 0.9 million and $ 1.8 million for the three and six months ended June 30, 2024, respectively.
+Added: Our variable lease expense was approximately $ 0.8 million and $ 2.4 million for the three and nine months ended September 28, 2025, respectively, and $ 0.9 million and $ 2.7 million for the three and nine months ended September 29, 2024, respectively.
The components of lease expense were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
5 unchanged sentences
Supplemental cash flow information related to leases was as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
1 unchanged sentence
Operating cash flows from operating leases $ 5,310 $ 4,423 $ 15,740 $ 15,926
−Removed: Operating cash flows from finance leases were not material during the three and six months ended June 29, 2025 and June 30, 2024 .
+Added: Operating cash flows from finance leases were not material during the three and nine months ended September 28, 2025 and September 29, 2024 .
Supplemental balance sheet information related to leases was as follows:
−Removed: June 29, 2025 December 31, 2024
+Added: September 28, 2025 December 31, 2024
(In thousands)
12 unchanged sentences
Total finance lease liabilities $ 10,320 $ 10,493
−Removed: June 29, 2025 December 31, 2024
+Added: September 28, 2025 December 31, 2024
Weighted Average Remaining Lease Term
4 unchanged sentences
Finance leases 4.9 % 4.8 %
−Removed: In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035.
+Added: In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending out to 2035.
These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary.
−Removed: As of June 29, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $ 19 million and $ 20 million, respectively.
−Removed: As of June 29, 2025 and December 31, 2024, we had a liability for expected, future payments of $ 12.0 million and $ 12.3 million, respectively.
+Added: As of September 28, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $ 19 million and $ 20 million, respectively.
+Added: As of September 28, 2025 and December 31, 2024, we had a liability for expected, future payments of $ 11.1 million and $ 12.3 million, respectively.
The liability is based on certain assumptions that we continually reassess on an ongoing basis.
2 unchanged sentences
Depreciation and Amortization Expense
−Removed: We recognized depreciation expense of $ 15.7 million and $ 13.6 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $ 29.6 million and $ 27.0 million in the six months ended June 29, 2025 and June 30, 2024, respectively.
−Removed: We recognized amortization expense of $ 16.4 million and $ 12.4 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $ 32.3 million and $ 25.9 million in the six months ended June 29, 2025 and June 30, 2024, respectively.
+Added: We recognized depreciation expense of $ 16.9 million and $ 14.7 million in the three months ended September 28, 2025 and September 29, 2024, respectively, and $ 46.4 million and $ 41.7 million in the nine months ended September 28, 2025 and September 29, 2024, respectively.
+Added: We recognized amortization expense of $ 16.7 million and $ 16.4 million in the three months ended September 28, 2025 and September 29, 2024, respectively, and $ 49.0 million and $ 42.3 million in the nine months ended September 28, 2025 and September 29, 2024, respectively.
Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
−Removed: June 29, 2025 December 31, 2024
+Added: September 28, 2025 December 31, 2024
(In thousands)
11 unchanged sentences
Revolving Credit Agreement due 2030
−Removed: As of June 29, 2025, we had a $ 300.0 million multi-currency asset-based revolving credit facility (the Revolver) that was set to mature June 2, 2026.
−Removed: On July 18, 2025, we refinanced the Revolver extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $ 300.0 million to $ 400.0 million.
+Added: On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $ 300.0 million to $ 400.0 million.
The borrowing base under the Revolver includes eligible accounts receivable;
5 unchanged sentences
In the event that we borrow more than 90 % of our combined borrowing base or our borrowing base availability is less than $ 27.0 million, we are subject to a fixed charge coverage ratio covenant.
−Removed: As of June 29, 2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $ 285.8 million.
−Removed: During the three months ended June 29, 2025, we borrowed and subsequently repaid $ 50.0 million on our Revolver at a rate of 5.7 %.
+Added: In connection with the refinancing, we recognized a $ 0.1 million loss for unamortized debt issuance costs associated with creditors no longer participating in the Revolver.
+Added: When we refinanced the Revolver, we paid approximately $ 3.2 million of fees, which are being amortized over the remaining term of the Revolver.
+Added: As of September 28, 2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $ 386.1 million.
Senior Subordinated Notes
We have outstanding € 450.0 million aggregate principal amount of 3.375 % senior subordinated notes due 2027 (the 2027 Notes).
−Removed: The carrying value of the 2027 Notes as of June 29, 2025 is $ 523.1 million.
+Added: The carrying value of the 2027 Notes as of September 28, 2025 is $ 528.3 million.
The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries.
2 unchanged sentences
We have outstanding € 350.0 million aggregate principal amount of 3.875 % senior subordinated notes due 2028 (the 2028 Notes).
−Removed: The carrying value of the 2028 Notes as of June 29, 2025 is $ 406.9 million.
+Added: The carrying value of the 2028 Notes as of September 28, 2025 is $ 410.9 million.
The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries.
2 unchanged sentences
We have outstanding € 300.0 million aggregate principal amount of 3.375 % senior subordinated notes due 2031 (the 2031 Notes).
−Removed: The carrying value of the 2031 Notes as of June 29, 2025 is $ 348.8 million.
+Added: The carrying value of the 2031 Notes as of September 28, 2025 is $ 352.2 million.
The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries.
2 unchanged sentences
Fair Value of Long-Term Debt
−Removed: The fair value of our senior subordinated notes as of June 29, 2025 was approximately $ 1,262.8 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation).
−Removed: This amount represents the fair value of our senior subordinated notes with a carrying value of $ 1,278.8 million as of June 29, 2025.
+Added: The fair value of our senior subordinated notes as of September 28, 2025 was approximately $ 1,280.6 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation).
+Added: This amount represents the fair value of our senior subordinated notes with a carrying value of $ 1,291.3 million as of September 28, 2025.
Net Investment Hedge
All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity.
−Removed: As of June 29, 2025, € 567.8 million o f our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations.
+Added: As of September 28, 2025, € 567.8 million o f our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations.
The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate.
The transaction gain or loss is reported in the translation adjustment section of other comprehensive income.
−Removed: For the three and six months ended June 29, 2025, the transaction loss associated with the net investment hedge reported in other comprehensive income was $ 48.1 million and $ 73.0 million, respectively.
−Removed: For the three and six months ended June 30, 2024, the transaction gain associated with the net investment hedge reported in other comprehensive income was $ 8.3 million and $ 21.0 million, respectively.
−Removed: For the three and six months ended June 29, 2025, we recognized income tax expense of $ 5.7 million and $ 15.8 million , respectively, representing effective tax rates of 8.5 % and 12.3 %, respectively .
−Removed: For the three and six months ended June 30, 2024 , we recognized income tax expense of $ 11.1 million and $ 19.5 million, respectively, representing an effective tax rate of 18.4 % for both periods.
−Removed: The effective tax rates were primarily impacted by the release of an uncertain tax position reserve related to certain foreign tax credits and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits.
+Added: For the three and nine months ended September 28, 2025, the transaction loss associated with the net investment hedge reported in other comprehensive income was $ 6.5 million and $ 79.5 million, respectively.
+Added: For the three and nine months ended September 29, 2024, the transaction loss associated with the net investment hedge reported in other comprehensive income was $ 27.7 million and $ 6.7 million, respectively.
+Added: For the three and nine months ended September 28, 2025, we recognized income tax expense of $ 7.6 million and $ 23.4 million , respectively, representing effective tax rates of 11.8 % and 12.1 %, respectively .
+Added: For the three and nine months ended September 29, 2024 , we recognized income tax expense of $ 11.1 million and $ 30.5 million, respectively, representing effective tax rates of 17.1 % and 17.9 %, respectively.
+Added: The effective tax rates were primarily impacted by the release of uncertain tax position reserves related to tax credits, the results of tax audits, and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits.
The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024.
This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.
−Removed: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes.
−Removed: We are still evaluating the potential impacts of the act on our consolidated financial statements and disclosures.
+Added: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions.
+Added: As a result, during the three and nine months ended September 28, 2025, we recorded a corresponding adjustment to deferred taxes and taxes payable.
+Added: We are still evaluating the impacts of the act on our consolidated financial statements and disclosures.
Pension and Other Postretirement Obligations
1 unchanged sentence
Pension Obligations Other Postretirement Obligations
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
6 unchanged sentences
Net periodic benefit cost $ 1,121 $ 392 $ 155 $ 129
−Removed: Six Months Ended
+Added: Nine Months Ended
Service cost $ 2,514 $ 2,284 $ 23 $ 30
6 unchanged sentences
The following table summarizes total comprehensive income:
−Removed: Three Months Ended Six Months Ended
−Removed: June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
(In thousands)
16 unchanged sentences
Net current period other comprehensive loss attributable to Belden ( 86,305 ) 633 ( 85,672 )
−Removed: Balance at June 29, 2025 $ ( 74,338 ) $ ( 6,240 ) $ ( 80,578 )
−Removed: The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the six months ended June 29, 2025:
+Added: Balance at September 28, 2025 $ ( 83,176 ) $ ( 6,028 ) $ ( 89,204 )
+Added: The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the nine months ended September 28, 2025:
Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
10 unchanged sentences
This program is funded with cash on hand and cash flows from operating activities.
−Removed: As of June 29, 2025, we had $ 240.0 million of authorizations remaining under the program.
+Added: As of September 28, 2025, we had $ 190.0 million of authorizations remaining under the program.
This share repurchase authorization does not have an expiration date.
−Removed: During the three months ended June 29, 2025, we repurchased 0.2 million shares of our common stock for an aggregate cost of $ 15.5 million at an average price per share of $ 101.06 .
−Removed: During the six months ended June 29, 2025, we repurchased 1.0 million shares of our common stock for an aggregate cost of $ 100.0 million at an average price per share of $ 103.76 .
−Removed: During the three months ended June 30, 2024, we did not repurchase shares of our common stock.
−Removed: During the six months ended June 30, 2024, we repurchased 0.7 million shares of our common stock for an aggregate cost of $ 57.9 million at an average price per share of $ 85.66 .
−Removed: Subsequent Events
−Removed: On July 18, 2025, we refinanced the Revolver extending the maturity date to July 18, 2030 and increasing the multicurrency asset-based revolving credit facility commitments from $ 300.0 million to $ 400.0 million.
+Added: During the three months ended September 28, 2025, we repurchased 0.4 million shares of our common stock for an aggregate cost of $ 50.0 million at an average price per share of $ 129.24 .
+Added: During the nine months ended September 28, 2025, we repurchased 1.4 million shares of our common stock for an aggregate cost of $ 150.0 million at an average price per share of $ 111.06 .
+Added: During the three months ended September 29, 2024, we repurchased 0.2 million shares of our common stock for an aggregate cost of $ 20.1 million at an average price per share of $ 110.84 .
+Added: During the nine months ended September 29, 2024, we repurchased 0.9 million shares of our common stock for an aggregate cost of $ 78.0 million at an average price per share of $ 90.98 .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.